Originally Posted by AndyGIn Louis McCann's document titled "Information for potential Creditors of Bullion Direct" there is the following sentence:

"In addition, Dillon Gage was paid $775,000 by BullionDirect within 90 days of filing bankruptcy."

Mr. Gage was not paid personally $775,000, correct? IDS or one of its subsidiaries was paid that sum, correct?

Either way, doesn't this sound like a bit much for storage? Would it also include shipping costs? How much could have possibly been shipped? BD rarely bought any metal.

I believe that $775,000 was paid to the company Dillon Gage, based in Texas, that owns IDS. It is almost certainly not be for storage, as IDS is a separate entity.

This is on the list of questions that I am compiling for the creditors' meeting tomorrow. It looks like it is a loan of some sort, as the payments were made in nice round numbers (e.g. $100,000). It also shows $60,891.26 as being left owed to Bullion Direct. It looks like this was for bullion that Dillon Gage supplied Bullion Direct on credit.

But there is also the mysterious $607,029.19 (and a whopping 10 ounces of silver) owed to an individual that has a name that matches someone who works for Dillon Gage.

In other words, it looks like Dillon Gage is owed money worth more than the contents of the IDS vault.

Originally Posted by planktonOr Dillon was first Creditor that got paid first ahead of us...

If so, the bankruptcy laws allow for a "clawback" -- where Bullion Direct might be able to require the money to be returned.

It may well be that Bullion Direct did significant business with Dillon Gage buying metal for customers, and this was typical activity. The rounded numbers ($50,000, $100,000, etc.) do suggest it was being paid on credit, as does the final amount owed ($60,891.26), which is separate from their account in the Website Claimants list. There was also a 1-month gap in payments (there were 8 payments in 3 months, but there was a 1-month gap in the middle).

Originally Posted by planktonOr Dillon was first Creditor that got paid first ahead of us...

If so, the bankruptcy laws allow for a "clawback" -- where Bullion Direct might be able to require the money to be returned.

It may well be that Bullion Direct did significant business with Dillon Gage buying metal for customers, and this was typical activity. The rounded numbers ($50,000, $100,000, etc.) do suggest it was being paid on credit, as does the final amount owed ($60,891.26), which is separate from their account in the Website Claimants list. There was also a 1-month gap in payments (there were 8 payments in 3 months, but there was a 1-month gap in the middle).

Perhaps he felt like defrauding a PM dealer is a little more dangerous than doing the same to the little folks.

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